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Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity demanded to 450 per day.
Compute the price elasticity of demand between these two points.
Would you expect total revenues to rise or fall? Explain.
Suppose you have reduced the average price of a meal to $18 and are considering a further reduction to $16. Another survey shows that the quantity demanded of meals will increase from 450 to 500 per day. Compute the price elasticity of demand between these two points. Would you expect total revenue to rise or fall as a result of this second price reduction? Explain.
Compute total revenue at the three meal prices. Do these totals confirm your answers in (b) and (d) above?
Using an aggregate supply/aggregate demand model illustrate and explain the short run effects of decreasing government spending (assuming you began in a short run and long run equilibrium).
If both demand decreases and supply increases then for sure. Which of the following will decrease the demand for chicken?
The Duckett Group is trying to determine its optimal average cash balance. The firm has determined that it will need $8,100,000 net new cash during the coming year. According to the Baumol model, what should be Duckett’s average cash balance?
Explain the argument that lower corporate tax rates can increase tax income in Kenya. Reflect on the Laffer curve in your explanation.
One of the three ADM executives was actually an informant who tipped off the Feds about this conspiracy. Which executive was he. Why did he rat out his co-workers.
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. On average, noncust..
According to Friedman, is the most effective method of destroying a free market?
The number of people employed in a city was 128,000. The adult population was 201, 000 and the labor force participation rate was 67%. Based on the figures listed above, what is (1) the unemployment rate, (2) labor force participation rate, (3) numbe..
The U.S. cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Illustrate what effect will this have on its optimal price.
Based on what you have studied so far in this course, discuss and describe some aspects of macroeconomics that an be useful in your future (...yes, it can be aything we discussed in this course - Macroeconomics). Your discussion should be more than h..
draw a supply and demand graph to illustrate the consumer surplus that occurs when the market is in equilibrium
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both McDonald's and Wal-Mart.
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